GIFT  OF 
F.  P.  Nutting 


Book-Keeping   Notes   for 
Cambridge   Senior    Local 

With    Examination     Papers     and    One 
Fully-Worked     Key 


BY 


H.    LOGAN    RAMSEY,     B.A.     (Cantab) 

Assistant  Masti     Cam    Hdi     .. 


CAMBRIDGE  :     W.  HEFFER  &  SONS  LTD. 
1922 


Digitized  by  the  Internet  Archive 


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Microsoft  Corporation 


http://www.archive.org/details/bookkeepingnotesOOrarr 


Book-Keeping   Notes   for 
Cambridge    Senior    Local 


Book-Keeping   Notes   for 
Cambridge   Senior    Local 

With    Examination    Papers     and    One 
Fully-Worked     Key 


BY 


H.    LOGAN     RAMSEY,     B.A.     (Cantab) 

M 

Assistant  Master  Cambridge  ami  County  School  for  Boys 


CAMBRIDGE  :    \V.   HEFFER  &  SONS  LTD. 
1922 


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9     %  ?■•■' 


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[-4//  n^/s  reserved.] 


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LONDON  AGENTS  : 
SIMPKIN,  MARSHALL,  HAMILTON,  KENT  &  Co.  Ltd. 


Preface 

This  little  book  is  intended  primarily  for  students  who  are  preparing 
for  the  examination  in  Book-keeping  as  set  by  the  Cambridge  Senior 
Local  Authorities;  and  the  student  who  works  through  the  whole 
of  the  papers  should  have  no  difficulty  in  passing  the  examination. 

In  addition  to  being  useful  to  candidates,  I  hope  it  may  be  found 
to  supply  teachers  in  Secondary  Schools  (and  teachers  in  other 
schools  who  prepare  pupils  for  this  examination)  with  a  convenient 
form  of  reference  for  class  work. 

As  the  examination  seeks  to  test  candidates  in  their  knowledge 
of  Partnership  A/Cs.,  I  have  confined  the  notes  as  far  as  possible  to 
questions  on  Partnership  only. 

Cambridge  Senior  Local  Examinations  are  held  in  July  and 
December  in  each  year.  Book-keeping,  which  cannot  be  taken 
alone,  is  one  of  the  optional  subjects. 

In  conclusion,  I  wish  to  thank  the  Cambridge  Local  Syndicate 
for  their  kindness  in  allowing  me  to  reprint  the  Senior  Book-keeping 
papers. 

H.   LOGAN   RAMSEY. 

Cambridge, 

December,   1921. 


547656 


Mercantile  Firms 

A  firm  usually  consists  of  two  or  more  individuals  carrying  on 
business  together  in  partnership.  A  firm  cannot  by  law  exceed 
twenty  persons,  while  in  banking  business  ten  is  the  limit. 

The  members  of  a  firm  are  called  partners,  the  partners  col- 
lectively are  called  the  firm,  and  the  name  under  which  the  business 
is  carried  on  (e.g.  "  Brown,  Jones  &  Co.")  is  called  the  firm  name,  or 
style  of  the  firm. 

The  partnership  is  usually  entered  into  by  an  agreement,  called 
the  Articles  of  Co-Partnership.  This  specifies  the  conditions  of  the 
partnership,  and,  if  for  a  fixed  term,  the  duration  thereof. 

There  are  two  principal  kinds  of  partners,  viz.,  active  and 
dormant.  Active  or  ordinary  partners  are  those  who  are  actually 
engaged  in  carrying  on  the  business.  Dormant,  sleeping,  or  silent 
partners  are  persons  who  are  publicly  known  as  partners,  but  who 
share  in  the  profits  and  are  equally  responsible  to  the  creditors  of 
the  firm. 

Each  partner  is  entitled  to  share  in  the  profits  of  the  firm, 
according  to  the  terms  of  the  partnership  agreement,  and  each 
partner  is  of  course  jointly  liable  for  the  debts  and  obligations  of 
the  firm  incurred  while  he  was  a  partner. 

The  law  of  partnership  is  contained  in  the  Partnership  Act,  1890 m 

A  single  individual  may,  and  frequently  does,  carry  on  business 
in  the  name  of  a  firm,  e.g..  John  Smith  might  trade  as  Brown, 
Robinson  &  Co.  There  is  nothing  to  prevent  this,  but  the  person 
carrying  on  the  firm  is  of  course  liable  for  all  debts,  etc. 


Points  to  be  Remembered  in  Regard  to 
Partnership 

I.     A  partner's  interest  in  the  firm  cannot  be  transferred  without 
the  consent  of  the  other  partners. 

II.     If  a  partner  dies  it  may  cripple  the  partnership  to  pay  out  ©f 
the  concern  the  deceased  partner's  capital,  if  that  be  required. 


8  BOOK-KEEPING  NOTES  FOR 

111.     A  partner's  liability  for  the  debts  incurred  by  the  firm  is* 

unlimited. 

IV.     Partners,  as  a  rule,  are  managers  of  the  partnership  business. 
V.     All  partners  share  in  profits  and  share  the  losses ;  the  propor- 
tions in  which  they  divide  may  differ  or  vary  as  between 
different  partners,  and  may  or  may  not  be  calculated  accord- 
ing to  the  proportionate  amount  of  the  capital  contributed 
by  each  partner. 
Note. — Partnerships  in  which  the  liability  of  one  or  more  of  the 
members  may  be  limited  to  a  certain  specified  sum  can  now  be 
formed  under  the  "Limited  Partnership  Act,  1908." 


Essentials  for  Good  Rook-keeping 

I.  Good  penmanship. 

II.  Accuracy. 

III.  Sound  knowledge  of  commercial  arithmetic. 

IV.  Neatness. 

V.     Thorough  knowledge  of  the  principles  of  "double  entry.' 


* 


Debit  Side. — Left-hand  sidepf  an  A/c. 
Credit  Side. — Right-hand  side  of  an  A/c. 
Debit,  what  comes  in. 
Credit,  what  goes  out. 
Debit  Losses. 
Credit  Gains. 


Assets. — What  the  business  owns. 
Liabilities. — What  the  business  owes. 
Capital. — Excess  of  Assets  over  Liabilities. 

A  man  is  said  to  be  solvent  when  he  can  pay,  and  insolvent  when 
unable  to  pay  all  just  debts.  When  the  Liabilities  of  a  firm  are 
greater  than  the  Assets,  the  excess  is  called  "Deficiency." 


CAMBRIDGE   SENIOR   LOCAL 


Correct  Order  of  Accounts  in  the  Ledger  for 
the  Cambridge  Senior  Local  Examination 

I.     Each  partner  should  have  a  separate  Capital  A/c. 

II.     The  Drawings  or  Current  A/c  should  follow  the  Capital  A/c 
of  the  partner  concerned. 

III.  Money  A/cs. 

IV.  Bills  Receivable  and  Bills  Payable  A/cs. 
V.     Personal  A/cs. 

VI.     Property  A/cs. 

VII.     Goods  and  Consignment  A/cs. 

Drawings  of  partners  are  those  amounts  which  are  withdrawn 
by  them  from  the  firm  for  their  private  use  during  the  progress  of 
the  business  in  anticipation  of  profits.  These  sums  must  not  be 
debited  to  their  Capital  A/c,  but  to  a  subsidiary  A/c,  known  as 
Drawings  A/c.  Each  partner  will  have  his  own  Drawings  A/c. 
The  Interest  allowed  on  the  Capital  of  each  partner  as  well  as  his 
share  of  the  profit  realised  or  loss  sustained,  must  be  placed  to  his 
Capital  A/c  unless  a  Current  A/c  is  kept  in  which  case  they  may  be 
transferred  thereto. 

Drawings  and  Current  A/cs  are  balanced  in  the  ordinary  manner, 
but  being  subsidiary  to  the  Capital  A/cs,  the  difference  of  each  must 
be  transferred  to  the  Capital  A/c  affected. 

Note. — Never  post  the  value  of  goods  bought  and  sold  on  credit 
''To"  or  "By"  Bank,  because  no  money  has  been  passed. 

e.g.  (a)    Purchases     Dr. 

To  the  Person     Cr. 

{b)    The  Person      Dr. 
To  Sales       Cr. 


io  BOOK-KEEPING  NOTES   FOR 

Subsidiary  Accounts  to  Profit  and  Loss  A/c 

Rent. 
Discount. 
Interest. 
Bad  Debts. 
Depreciation. 
Commission. 
Repairs. 
Expenses. 

Partner's  Salary.  (Must  always  be  charged  to  Profit  and 
Loss  A/c.) 

Definitions 

Interest  and  Discount. — Interest  is  the  price  paid  for  the  loan  of 

capital,  whereas  Discount  is  the  price  paid  for  the  loan  of  legal 

tender.  v 

Rent. — If  any  particular  form  of  capital  is  borrowed,  e.g.  machines, 

buildings,  etc.,  we  call  the  payment  for  its  use  not  "interest/' 

but  "Hire,"  or  "Rent." 
Commission. — Your  profit   for  effecting   a  sale   on   a  merchant's 

account.     Commission    can    be    either    "earned"    or    "paid 

away." 
Bad  Debts. — These  are  the  result  of  a  customer  purchasing  goods 

and  failing  to  pay  for  them. 
Depreciation. — A  periodical  deduction  in  respect  of  the  diminished 

value  of  any  form  of  property  caused  by  wear  and  tear  and 

obsolescence. 
Journal  paper  can  be  used  to  advantage  for  Trading,  Profit  and 
Loss  and  Net  Profit  or  Loss  A/cs,  also  Balance  Sheet. 

To  find  Gross  Profit  or  Loss 

Credit  Trading  or  Goods  A/c  with  the  value  of  the  goods  on  hand 
at  the  end  of  the  period  under  consideration  and  find  the  difference 
between  Debits  and  Credits.  If  the  Credit  side  is  greater  than 
the  Debit  side,  there  is  a  Gross  Profit.  If  the  Debit  side  is  greater 
than  the  Credit  side  there  is  a  Gross  Loss. 

To  find  Net  Profit  or  Loss 

Bring  down  Gross  Profit  to  the  credit  of  the  Profit  and  Loss  A/c 
or  Loss  on  Trading  to  debit  of  Profit  and  Loss  A/c. 


CAMBRIDGE   SENIOR  LOCAL  n 

Debit  Profit  and  Loss  A/c  with  Gross  Loss. 

Credit  Profit  and  Loss  A/c  with  Gross  Profit. 

Close  all  Subsidiary  A/cs  "To"  or  "By"  Profit  and  Loss. 

Now  find  the  difference  between  the  Debits  and  Credits  in  the 
Profit  and  Loss. 

If  the  Debit  side  is  greater  than  the  Credit  side  there  is  a  Net 
Loss. 

If  the  Credit  side  is  greater  than  the  Debit  side  there  is  a  Net 
Profit. 

The  Ledger  should  not  be  closed  until  the  Net  Profit  or  Loss  for 
each  partner  has  been  ascertained. 

When  the  accounts  have  been  closed  all  balances  should  be 
brought  down  to  the  opposite  side  of  each  Ledger  A/c  "To" — or 
"By" — Balance,  by  dating  them  for  the  first  of  next  month. 
When  this  is  done  a  Balance  Sheet  should  be  opened. 

It  will  be  found  that  Journal  paper  is  more  convenient  for  the 
setting  out  of  a  Balance  Sheet  for  the  reason  that  there  will  be  more 
room  for  the  formation  of  figures  and  the  extending  of  totals. 

Debit  balances  not  transferred  to  Profit  and  Loss  A/c  should 
be  brought  down,  and  these  represent  Assets  to  appear  in  the 
Balance  Sheet. 

Credit  balances  not  transferred  to  Profit  and  Loss  A/c  should 
be  brought  down,  and  these  represent  Liabilities  to  appear  in  the 
Balance  Sheet. 

Liabilities  are  placed  on  the  left-hand  side  and  Assets  on  the 
right-hand  side  of  the  Balance  Sheet. 

The  words  "To,"  "By,"  "Dr."  and  "Cr."  should  be  omitted 
in  the  Balance  Sheet  because  it  is  not  a  Ledger  A/c,  but  a  Statement 
of  Assets  and  Liabilities  showing  the  financial  position  of  the  firm 
at  a  certain  date. 

As  its  name  implies,  a  Balance  Sheet  is  merely  a  sheet  of  balances. 

As  to  the  order  in  which  the  Liabilities  and  Assets  are  stated  in 
a  Balance  Sheet  there  is  no  law  whatever,  and  the  practice  of  the 
best  accountants  varies  in  many  respects. 

Generally  speaking,  in  marshalling  or  arranging  the  order  of 
Assets  on  the  Balance  Sheet,  fixed  Assets  should  be  placed  first, 
followed  by  those  not  readily  realisable,  Bank  Balance  appearing 
last. 


12  BOOK-KEEPING  NOTES   FOR 

Correct  Order  of  Accounts  in  The 
Balance  Sheet 

Assets 

• 

Money  A/cs. 
Bills  Receivable. 
Reserve  (Investment). 
Sundry  Debtors. 
Payments  in  advance. 
Stock. 
Property. 
Goodwill. 

Liabilities 

Bank  (Overdraft). 

Bills  Payable. 

Sundry  Creditors. 

Small  Outstanding  A/cs. 

Reserve  Fund  A/c. 

Capitals  or  Capital. 
A  Reserve  Fund  is  a  fund  created  out  of  Profits  to  meet  possi- 
bilities and  contingencies.  In  the  case  of  a  Limited  Company  it 
could  be  used  for  equalisation  of  dividend,  or  to  meet  some  extra- 
ordinary loss,  e.g.  on  sale  of  machinery  or  property.  This  fund  is 
created  by  debiting  the  Net  Profit  A/c  and  creating  a  Reserve 
Fund  A/c.  When  an  amount  of  money  is  invested  in  some  Specific 
Investment  that  investment  becomes  the  "Reserve  Fund."  A 
Reserve  Fund  is  not  an  Asset ;  but  the  Investments  representing  this 
fund  may  be  headed  "Reserve  Fund  Investment  Account." 

Goodwill 

This  is  a  matter  which  frequently  arises  in  connection  with 
Partnerships.  Goodwill  is  the  benefit  accrued  to  a  business  through 
its  reputation  and  connections.  It  has  been  said  that  "it  is  the 
probability  that  the  old  customers  will  resort  to  the  old  place." 
Goodwill  cannot  be  so  readily  bought  and  sold  as  more  tangible 
assets,  but  it  nevertheless  possesses  real  value,  and  when  private 
businesses  are  turned  into  Limited  Liability  Companies  a  large 
part  of  the  purchase -money  is  usually  accounted  for  by  this  item 
alone.  Similarly,  when  a  new  Partner  is  taken  into  an  existing 
Partnership  he  frequently,  in  addition  to  the  capital  he  has  agreed 


CAMBRIDGE   SENIOR   LOCAL  13 

to  contribute,  is  called  upon  to  pay  a  sum  of  money,  termed  a 
Premium,  in  consideration  of  the  goodwill  attaching  to  the  Partner- 
ship. This  Premium  is  divided  amongst  the  existing  Partners  of 
the  business  in  the  ratio  in  which  they  share  profits,  and  is  not  to 
be  confused  with  the  capital  of  the  new  partner,  from  which  it  is 
quite  distinct.  The  old  partners  may  take  their  respective  shares 
of  the  premium  right  out  of  the  business  or  allow  it  to  remain  in 
the  business  and  thus  increase  their  capital  holdings. 

The  balance  of  Goodwill  A/c  is  carried  to  the  Balance  Sheet,  and 
must  appear  on  the  Asset  side. 

Reconciliation  Statement 

At  frequent  intervals  every  trader  should  compare  the  Bank 
Pass  Book  with  his  Cash  Book.  The  balance  shown  in  the  Pass 
Book  will  not  usually  agree  with  the  Bank  balance  shown  in  the 
Cash  Book.  The  difference  will  arise  from  the  extra  charges, 
interest,  expenses  of  collection,  etc.,  which  must  be  entered  in  the 
Cash  Book  from  the  Pass  Book,  and  also  from  the  fact  that  some 
cheques  issued  by  the  trader  to  his  creditors  may  not  have  been 
presented  to  the  Bank  for  payment  at  the  time  the  Pass  Book  was 
written  up,  and  therefore  do  not  appear  on  the  Cr.  side ;  or  because 
Irish  and  Scotch  cheques  paid  into  the  Bank  have  not  yet  been 
collected  and  therefore  do  not  appear  on  the  Dr.  side.  The  cashier 
should  then  draw  up  a  Reconciliation  Statement,  and  write  the 
details  of  the  statement  at  the  foot  of  the  monthly  ruling-off  of 
the  Cash  Book,  thus: — 

Bank   Reconciliation   Statement,   December  31ST,    1921. 

£    s.   d.      £    s.   d. 
Balance  as  per  Bank  Pass  Book.  618    10   9 

Deduct  cheques  drawn  but  not  yet  debited : 

Warren  &  Sons     

Finch  &  Co. 

Mitchell  Bros 


Add  cheques  paid  in  but  not  yet  credited : 
Simson,  Edinburgh 
Armour,  Belfast    ... 


Balance  as  per  Cash  Book 


12  10 

8  7 

53  2 

9 
6 

1 

0  4 

74 

190  10 
80  11 

544 

8 
7 

10  5 

271 

2  3 

£815 

12  8 

14 


BOOK-KEEPING  NOTES   FOR 


Form  of  a  "DRAFT,"  i.e.,  BEFORE  it  is  Accepted. 


l55°- 


No.  7,  Glasgow, 

31st  Dec,   1921. 


Two   months  after  date,   pay  to   me,   or  my  order,   the  sum  of  Five 
Hundred  and  Fifty  Pounds  sterling,  for  value  received. 

Charles  Stirling. 
To  Mr.  S.  Glover, 
570,  Petty  Cury, 
Cambridge. 


This  "  Draft "  has  no  intrinsic  value  as  it  is  only  a  request  to  Mr.  Glover 
to  pay  money.  When  this  document  is  "Accepted"  by  Mr.  Glover,  it 
becomes  of  value,  i.e.,  has  power  in  exchange,  and  it  is  then  called  a  "  bill " 
or  "acceptance." 

Form  of  a  "Bill,"  or  "Acceptance"  (B/E.) 

No    7,  Glasgow, 

31st  Dec.,  192 1. 
£550  Due  February  28th,  1922^/  -. 


Two  months  after  datef  pay  to  me,  or  nafy  order,  the  sum 
of  Five  Hundred  ajra  Fifty  Pounds/sterling,  for  value 
received. 


To  Mr.  S.  Glover, 
570,  Petty  Cury, 
Cambridge 


Charles  Stirling. 


Form   of  a  "Promissory  Note"  (P/N.) 

£550.  570,  Petty  Cury, 

Cambridge. 
31st  December,    192 1 

Due  February  28th,  1922 


Two  months  after  date,  I  promise  to  pay  to  Mr.  Charles  Stirling,  or 
order,  the  sum  of  Five  Hundred  and  Fifty  Pounds  sterling,  for  value 
received. 

S.  Glover. 

To  Charles  Stirling  this  is  a  Bill  Receivable,  and  his  Journal  entry  is: — 

Bills  Receivable  Dr. 

To  S.  Glover         Cr. 
To  Sidney  Glover  this  is  a  Bill  Payable,  and  his  Journal  entry  is : — 

S.    Glover         Dr. 

To  Bills  Payable         Cr. 

Difference  BETWEEN  AN  "I.O.U."  and  a  PROMISSORY   NOTE. 
An  "  I.O.U."  is  a  written  document  unstamped  acknowledging  a   debt, 
and  has  no  "negotiable"  value.     A  Promissory  note  is  a  written  promise 
on  stamped  paper  to  pay  a  specified  sum  at  a  given  date. 


CAMBRIDGE  SENIOR  LOCAL  15 

Bills 

I.     When  a  debtor  gives  me  a  written  promise  to  pay  his  account 

at  some  future  date  it  is  called  a  "Bill  Receivable." 
II.     When  I  give  a  creditor  a  written  promise  to  pay  him  at  some 
future  date  it  is  called  a  "Bill  Payable." 
How  to  Post 

(a)  Bills  Receivable      Dr. 

To  the  Person       Cr. 

(b)  The  Person  Dr. 

To  Bills  Payable  Cr. 
Contractions  used  in  connection  with  Bills 
P/N  =  Promissory  Note. 
BE  =  Bill  of  Exchange, 
m  d  =  Months  after  date. 
d/d   =  Days  after  date. 
d/s    =  Days  after  sight. 
"  a/s    =  At  sight. 
A  cheque  is  a  B/E  payable  on  demand. 
A  Bank  Bill  is  equivalent  to  a  "Bill  at  Sight." 

Phrases  used  in  connection  with  Bills 
To  "meet,"  "retire,"  "redeem,"  and  "honour"  a  bill,  all  means 
to  pay  when  due. 

Discounting  Bills 

To  "discount  a  bill"  means  to  receive  money  for  a  bill  before 
it  has  matured,  i.e.  before  it  is  due.  Under  these  circumstances 
the  receiver  of  the  money  must  be  prepared  to  lose  a  little  for 
discount.  The  amount  deducted  for  discount  is  the  Broker's  or 
Banker's  reward  for  services  and  risk  taking. 

How  to  Post  Bills  you  have  Discounted 
Bank       Dr.    ' 
Discount : 

To  Bills  Receivable       Cr. 
How  to  Post  a  Bill  that  has  been  Dishonoured  by  a 

Customer 
Acceptor      Dr.   (with  amount  of  Bill  plus  charges). 
To  Bills  Receivable       Cr. 
To  Bank  Cr. 

"  To  draw  on  a  person"  means  to  receive  a  bill. 


16  BOOK-KEEPING  NOTES  FOR 

Reserve  for  Bad  Debts 

(''To  write  off  as  a  provision  for  Bad  Debts.")     Calculated  on 
the  amount  owing  by  Sundry  Debtors. 

How  to  Post 
Bad  Debts      Dr. 

To  Bad  Debts  Reserve       Cr. 
Bad  Debts  A/c  closes  to  Profit  and  Loss. 
Bad  Debts  Reserve  A/c  closes  to  balance  and  will  appear  on  the 
Asset  side  of  the  B/S  as  a  deduction  from  Sundry  Debtors. 


Consignments  Outwards 

How  to  Post 

(a)  Consignment  to  Turin  A/c      Dr. 

To  Goods  or  Sales  A/c. 

(Vide  1921  Examination.) 

(b)  When  expenses  are  paid  on  such  a  consignment,  debit  Con- 
signment A/c  and  credit  Bank  A/c. 

(c)  When  the  proceeds  of  a  Consignment  have  been  received,  debit 
Bank  and  credit  Consignment. 

(d)  Close  the  balance  of  Consignment  A/c  to  Profit  and  Loss. 


Consignments  Inwards 

1.  When  you  receive  a  Consignment  of  Goods  to  sell  for  another 
person,  debit  the  Owner's  Consignment  A/c  and  credit  his  Personal 
A/c. 

2.  When  you  pay  expenses  on  a  Consignment  received  debit 
the  Owner's  Personal  A/c  and  credit  Cash  (or  Bank). 

3.  When  you  sell  his  Goods,  debit  the  persons  to  whom  you 
sell,  and  credit  the  Owner's  Consignment  A/c.  If  sold  for  Cash, 
debit  Cash  (or  Bank),  and  credit  the  Owner's  Consignment  A/c. 

4.  Debit  the  Owner's  Personal  A/c  and  credit  Commission. 

5.  Transfer  the  Balance  of  the  Owner's  Consignment  A/c  to 
the  Owner's  Personal  A/c. 


CAMBRIDGE  SENIOR  LOCAL  17 


Outstanding  Accounts 

An  0/S  A/c  should  be  opened  when  a  sum  of  money  is  "  due  "  or 
"not  paid,"  e.g.  Rent,  Wages  and  Insurance  due. 

How  to  Post 
Rent  A/c      Dr. 

To  Rent  O/S  A/c      Cr. 
Wages  A/c      Dr. 

To  Wages  O/S  A/c      Cr. 
Insurance      Dr.  . 

To  Insurance  O/S  A/c      Cr. 
Rent,  WTages  and  Insurance  close  to  Profit  and  Loss  in  the 
ordinary  way,  and  the  O/S  A/cs  will  appear  among  the  Liabilities 
in  Balance  Sheet. 

Where  payments  have  been  made  in  advance  such  as  Rates, 
Insurance,  Advertising,  etc.,  these  accounts  should  be  credited 
and  "Payments  in  Advance"  debited,  the  total  of  this  latter  A/c 
appearing  on  the  Balance  Sheet  as  an  Asset. 


Trading-  A/c 

Dr.  Side. 

1.  To  Stock  on  hand  at  the  beginning  of  the  period. 

2.  ,,    Purchases. 

Less  Returns. 

3.  ,,    Wages  or  Productive  Wages. 

4.  ,,    Gross  Profit.     (When  credits  exceed  debits.) 
Cr.  Side. 

1.  By  Sales. 

Less  Returns. 

2.  „    Stock  on  hand  at  the  end  of  the  period. 

3.  ,,     Gross  Loss.     (When  debits  exceed  credits.) 


18  BOOK-KEEPING  NOTES   FOR 

Points  to  be  Remembered  in  Connection  with 
the  Trading  Account 

i.  All  items  entered  in  the  Trading  A/c  and  Profit  and  Loss  A/c 
will  appear  on  the  same  side  in  the  Trial  Balance;  while  in  the 
Balance  Sheet  they  are  entered  on  the  opposite  side. 

2.  When  ''Wages  and  Salaries"  are  joined  in  one  a/c  they  must  be 
entered  in  the  Profit  and  Loss  A/c,  but  when  "Wages"  and 
"Salaries"  are  separated,  put  "Wages"  in  Trading  A/c  and 
"Salaries"  in  Profit  and  Loss  A/c. 

3.  Printing,  Advertising,  Travelling  Expenses,  Coal  and  Coke, 
Gas  and  Fuel,  etc.,  if  a  large  amount,  should  be  entered  in 
Trading  A/c,  but  if  a  small  amount  put  them  in  the  Profit  and 
Loss  A/c.     If  in  doubt,  place  in  Profit  and  Loss  A/c. 

4.  Anything  .that  tends  to  increase  the  cost  of  production  of  Goods 
must  be  placed  in  the  Trading  A/c. 

5.  Goods  on  hand  at  the  beginning  of  the  period  under  consideration 
are  given  in  the  Trial  Balance,  while  Goods  on  hand  at  the  end 
of  the  period  are  not;  the  former  will  be  debited  and  the  latter 
will  be  credited  to  the  Trading  A/c. 

6.  In  a  Trial  Balance  the  debits  will  consist  of  Assets  and  Losses, 
while  the  credits  will  be  Liabilities  and  Gains. 

7.  If  a  "  Reserve  for  Bad  Debts  "  appears  in  the  Trial  Balance,  and  a 
new  Reserve  is  to  be  created,  cancel  (or  "write  back")  the  old 
Reserve  by  crediting  Profit  and  Loss  A/c.  The  new  Reserve  will 
then  be  treated  in  the  usual  manner. 


Trial  Balance 

Its  use.  To  prove  the  postings  in  the  Ledger.  It  should  be 
noted  that  although  the  totals  of  Trial  Balance  may  agree,  it  does 
not  prove  conclusively  the  accuracy  of  the  accounts,  as  it  will  not 
disclose  the  following  errors: — 

1.  An  amount  posted  to  the  wrong  account,  although  on  the 
right  side  of  the  Ledger. 

2.  An  error  in  the  book  of  original  entry,  such  as  the  purchase 
of  goods  amounting  to  £63  7s.  od.  entered  in  the  Purchases  Book  as 
£6  3s.  yd. 


CAMBRIDGE   SENIOR   LOCAL  19 

A  Trial  Balance  may  not  agree  for  the  following  reasons: — 

1.  Omission  to  post  an  item  from  the  book  of  original  entry 
to  the  Ledger. 

2.  Mistake  in  posting  an  item  such  as  £6  3s.  yd.  for  £63  7s.  od. 

3.  Posting  an  item  to  the  debit  instead  of  to  the  credit,  or  vice 
versa. 

4.  Extracting  the  balance  as  a  debit  instead  of  a  credit,  or  vice 
versa. 

5.  Omitting  a  balance  altogether. 

6.  Incorrect  casting. 

7.  Indifferent  subtraction. 
Note. — From  the  Trial  Balance  the  Profit  and  Loss  A/c  and 

Balance  Sheet  can  be  prepared. 


20 


BOOK-KEEPING  NOTES   FOR 


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CAMBRIDGE   SENIOR   LOCAL 


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22 


BOOK-KEEPING  NOTES   FOR 


The  following  instructions  apply  to  all  the  papers  on  the  succeed- 
ing pages:— 

All  payments  are  made  by  cheque  and  all  amounts  received  are 
paid  into  the  Bank  on  receipt. 

Post  into  the  Ledger  the  opening  balances  and  transactions;  no 
Journal  is  recurred.  Take  out  a  Trial  Balance,  Balance  the  Ledger, 
and  then  prepare  a  Trading  and  a  Profit  and  Loss  A/c,  according 
to  the  agreement.     Make  out  a  Balance  Sheet. 

Appropriate  subsidiary  accounts  are  to  be  opened  in  the  Ledger, 
and  the  Profit  and  Loss  A/c  opened  only  after  all  the  transactions 
have  been  posted  into  the  Ledger. 


(i)         1906. 
14  December,  1906.    3J  to  5J  or  4 

Book-keeping 


to  6. 


[Handwriting  and  neatness  of  work  will  be  considered  in  awarding 

marks.'] 
George  and  Henry  Johnson  are  partners  on  the  following  terms : 

1.  Each  to  receive  5  p.c.  interest  on  the  amount  of  his  capital 
in  the  business. 

2.  George  Johnson  is  managing  partner,  and  receives  a  salary 
of  £200  per  annum,  payable  half-yearly.  Henry  Johnson  is  a 
sleeping  partner,  and  receives  no  salary. 

3.  Depreciation  of  plant  to  be  reckoned  at  10  p.c.  per  annum. 

4.  The  net  profit  or  loss  to  be  ascertained  at  the  end  of  each 
year  and  divided  between  the  partners,  one-third  to  go  to  George 
Johnson  and  two-thirds  to  Henry  Johnson. 

On  December  31,  1904,  the  plant  was  valued  at  £1460;  stock 
in  hand  at  £3970;  George  Johnson's  capital  was  £2000,  and  Henry 
Johnson's  was  £4000. 

On  November  30,  1905,  the  Ledger  of  the  firm  showed  the 
following  balances:- — 

George  Johnson  (Capital  A/c  as  on  Jan.  i) 

Henry  Johnson  (Capital  A/c  as  on  Jan.  i) 

George    Johnson    (Current   A/c,    half-year's   salary, 

clause  2) 
Williams  &  Co. 
Brown  &  Co. 
Edwards  &  Co. 
Purchases        . .  .  .  .  .  .  .  .  .  . .  .  .  3962 


Dr. 

Cr. 

£ 

£ 

2000 

4000 

100 

330 

212 

463 


CAMBRIDGE   SENIOR   LOCAL 


Sales 

Wages  and  Office  Expenses 

Bills  Payable 

Bills  Receivable 

Cash  at  bank 

Plant  (as  on  Jan.   i) 

Stock  (as  on  Jan.   i) 


23 

Dr. 

Cr. 

£ 

£ 

5332 

1213 

250 

350 

448 

1460 

397° 

£12045 

£12045 

Open  the  Ledger  with  the  above  balances,  and  post  the  following 

transactions  for  the  month  of  December,  1905: — 

£ 
Dec.     4.     Sold  goods  for  cash  . .  .  .  . .  . .  » .  .  .•  37 

6.  Sold  goods  to  Brown  &  Co.  .  .  . .  . .  . .  125 

7.  Accepted  Edwards  &  Co.'s  draft  for  £200  .  .  . .  . .  200 

1 1 .  Williams  &  Co. ,  having  previously  been  declared  bankrupt, 
pay  a  first  and  final  dividend  of  2s.  in  the  pound        . .  33 

12.  Sold  goods  for  cash  .  .          .  .          . .  .  .  . .  . .  67 

14.  Cashed  Bill  Receivable,  due  to-day  ..  ..  ..  150 

18.  Received  Cheque  from  Brown  &  Co.  . .  . .  .  .  150 

21.  Bank  paid  Bill  Payable,  due  to-day  ..  ..  ..  100 

30.  Paid  wages  and  office  expenses        ..  ..  ..  ..  112 

30.  George  Johnson  draws  his  salary  for  the  half-year  . .  100 

31.  Stock    ..  ..  ..  ..  ..  ..  ..  ..  4290 

(2)  1906. 

15  December,  1906.     iof  to  i2f  or  nj  to  \\. 
[Handwriting  and  neatness  of  work  will  be  considered  in 
awarding  marks.] 
William  and  Robert  Macintosh  are  partners  on  the  following 
erms : — 

1.  Each  to  receive  5  p.c.  interest  on  the  amount  of  his  capital 
in  the  business. 

2.  William  Macintosh  to  receive  a  salary  of  £240  per  annum 
and  Robert  Macintosh  a  salary  of  £160  per  annum — these  salaries 
to  be  paid  quarterly. 

3.  Depreciation  of  plant  and  machinery  to  be  reckoned  at 
10  p.c.  per  annum. 

4.  The  net  profit  or  loss  to  be  ascertained  at  the  end  of  each 
year,  and  to  be  divided  equally  between  the  partners. 

On  December  31,  1904,  the  plant  and  machinery  were  valued  at 
£3800;  stock  at  £2780;  William  Macintosh's  share  of  capital  was 
£4000,  and  Robert  Macintosh's  £3000. 


24 


BOOK-KEEPING  NOTES   FOR 


On  November  30,   1905,  the  Ledger  of  the  firm  showed  the 
following  balances: — 


Dr. 

Cr. 

£ 

William  Macintosh  (Capital  A/c  as  on  Jan.  1)     . 

4000 

Robert  Macintosh  (Capital  A/c  as  on  Jan.  1) 

3000 

William  Macintosh  (Current  A/c,  see  clause  2) 

180 

Robert  Macintosh  (Current  A/c,  see  clause  2) 

120 

Purchases 

4935 

Sales                

6880 

Jones  &  Co.  . .          . .          . . 

227 

Robinson  &  Co.  ... 

326 

Young  &  Co. 

545 

Bills  Receivable 

250 

Wages  and  Office  expenses 

1365 

Cash  at  Bank 

442 

Plant  and  machinery  (as  on  Jan.  1) 

3800 

Stock  (as  on  Jan.  1) 

2780 

£14425 

£14425 

Open  the  Ledger  with  the  above  balances,  and  post  the  following 
transactions  for  the  month  of  December,  1905: — 


Dec. 


16. 

19. 
21. 

30. 
30. 
31. 


Sold  goods  to  Jones  &  Co. 

Bought  goods  from  Young  &  Co. .  . 

Accepted  Young  &  Co.'s  draft  for  £300 

Sold  goods  for  cash 

Owing  to  an  accident  in  the  workshop  £200  worth  of 

machinery  is  totally  destroyed.     The  machinery  is 

insured  at  half  its  value 
Received  from  Robinson  &  Co.  a  cheque  for  £200 
Cashed  Bill  Receivable  due  to-day 
The   Insurance   Company  pays   half  the   value   of  the 

machinery  destroyed 
Paid  wages  and  office  expenses 
The  partners  draw  their  quarterly  salaries 
Stock 


£ 
113 

45 
300 

47 


200 
200 
150 

100 

126 

100 

3200 


CAMBRIDGE   SENIOR  LOCAL 


25 


(3)         1909- 
(Two  hours.) 

[Handwriting  and  neatness  of  work  will  be  considered  in 
awarding  marks.'] 

Rogers  and  Stanton  are  partners  in  a  wholesale  business,  Rogers 
being  the  manager.     According  to  the  terms  of  their  agreement: — 

1.  Each  partner  is  to  receive  5  p.c.  interest  on  his  capital. 

2.  Rogers,  as  manager,  receives,  in  addition,  £200  per  annum 
as  salary. 

3.  The  profit  and  loss  is  to  be  ascertained  at  the  end  of  each 
year,  and  after  providing  for  interest  and  the  manager's  salary,  the 
net  profit  is  to  be  divided  equally  between  the  partners. 

On  December  31,  1907,  stock  in  hand  was  valued  at  £4800, 
Rogers'  share  of  the  capital  was  £1000,  and  Stanton's  share  £4000. 

On  November  30,  1908,  the  Ledger  of  the  firm  showed  the 
following  balances: — 

Rogers  (Capital  A/c  as  on  Jan.  1) 

Stanton  (Capital  A/c  as  on  Jan.  1) 

Williamson  &  Co. 

Cartwright  &  Co. 

Field  &  Co. 

Nolan  &  Co. 

Purchases 

Sales 

Bills  Receivable 

Bills  Payable     . 

Cash  at  bank  . 

Wages 

Stock  (as  on  Jan 


Dr. 

Cr. 

£ 

£ 

1000 

4000 

427 

332 

258 

327 

1361 

550 

677 
825 

4800 


3237 


150 


^8972  ^8972 


26  BOOK-KEEPING  NOTES   FOR 


Open  the  Ledger  with  the  above  balances,  and  post  the  following 
transactions  for  the  month  of  December,  1908: — 

£ 

Dec.       2.     Bought  goods  for  cash       .  .          .  .          . .          . .          . .  57 

„          4.     Sold  goods  to  Cartwright  &  Co.   .  .          .  .          .  .          . .  119 

,,          5.     Cashed  Bill  Receivable  for  ^100  at  a  discount  of  2%  . .  98 
„          7.     By  special  arrangement  between  the  partners,  Rogers 

draws  ^400  for  his  own  personal  use,  this  amount  to 

be  debited  against  his  current  account 

„          9.     Sold  goods  for  cash             . .          . .          . .          . .          . .  129 

,,        12.     Bank  paid  Bill  Payable,  due  to-day,  for  ^100      .  .          . .  100 

„        15.     Williamson  &  Co.  accept  draft  for  ^400  .  .          . .          . .  400 

„        17.     Sold  goods  to  Williamson  &  Co.    ..          ..          ..          ..  259 

„        19.     Bought  goods  from  Nolan  &  Co.  . .          . .          .  .          . .  126 

„        21.     Accepted  Field  &  Co.'s  draft  for  ^200  and  paid  them 

by  cheque  ^58     .  .          .  .          .  .          .  .          .  .          . .  258 

„        31.     Paid  wages 75 

All  payments  are  made  by  cheques,  and  all  amounts  received  are 
paid  into  the  bank  upon  receipt.  Stock  in  hand  on  December  31, 
1908,  is  valued  at  £4040. 

(4)         i9°9- 
{Two  hours.) 

[Handwriting  and  neatness  of  work  will  be  considered  in 
awarding  marks.'] 

Jones  and  Robinson  commence  business  in  1908,  Jones  supplying 
£2000  capital,  and  Robinson  £1500. 

By  the  agreement  between  them, — 

1.  The  profit  or  loss  is  to  be  ascertained  at  the  end  of  the  year. 

2.  10  p. c.  of  the  net  profit  is  to  be  placed  in  a  Reserve  Fund, 
against  which  Bad  Debts  and  other  accidental  losses  are  to  be 
debited.  Jones,  who  acts  as  manager,  is  to  receive  two-thirds%of 
the  remainder  and  Robinson  one-third. 


CAMBRIDGE   SENIOR   LOCAL 


27 


On  November  30,  1908  the  Ledger 

•  of  the  firm  shows  the  f ollow- 

ing  balances  : — 

Dr.           Cr. 

£          £ 

Jones  (Capital  A/c) 

2000 

Robinson  (Capital  A/c) 

1500 

Philipson  &  Co. 

227 

Armstrong  &  Co. 

134 

Bird  &  Co. 

295 

Jenkins  &  Co. 

179 

Purchases  of  stock 

2665 

Sales  of  stock 

2279 

Bills  Receivable 

350 

Cash  at  bank    .  . 

504 

Wages 

573 

Plant 

• 

1800 

£6253       £6253 

Open  the  Ledger  with  the  above  balances,  and  post  the  following 
transactions  for  the  month  of  December : — 


Dec. 


in  the  pound, 
ritten  off  as  a 


10. 

12. 
14- 
17- 
19- 

21. 

28. 
3i- 


£ 

167 
100 


Sold  goods  for  cash 

Paid  Jenkins  &  Co.  £100  on  account 

Armstrong  &  Co.  pay  a  composition  of  10s 

the  remainder  of  their  account  being  w 

Bad  Debt 

Sold  goods  to  Philipson  &  Co. 

Philipson  &  Co.  accept  a  draft  for  ^200 

Accepted  Bird  &  Co.'s  draft  for  ^200 

Sold  goods  for  cash 

Goods  to  the  value  of  £30  stolen  during  the  night 

^15  worth  of  the  stolen  goods  recovered,  the  remainder 

are  considered  irrecoverable  and  are  written  off  as  a  loss 
Sold  goods  for  cash  .  .  . .  . .  . .  .  .  . .  73 

Bought  goods  from  Jenkins  &  Co.  .  .  . .  . .  . .  95 

Paid  wages    .  .  ....  .  .  . .  . .  .  .  55 

All  payments  are  made  by  cheques  and  all  amounts  received 
are  paid  into  the  bank  upon  receipt.  Stock  in  hand  on  December 
31,  1908,  is  valued  at  £1537. 


48 
200 
200 
173 


28 


BOOK-KEEPING  NOTES   FOR 


(5)        1910- 

(Two  hours.) 

[Handwriting  and  neatness  of  work  will  be  considered  in 

awarding  marks.'] 

Jameson  and  Hicks  are  partners  on  the  following  terms : — 

1.  Each  partner  is  to  receive  5  p.c.  interest  per  annum  on  his 
capital. 

2.  Each  partner  is  to  be  at  liberty  to  draw  £20  per  month,  the 
amount  so  drawn  to  be  deducted  at  the  end  of  the  year  from  his 
share  of  the  profits. 

3.  The  profit  or  loss  is  to  be  ascertained  at  the  end  of  each  year 
and  shared  equally  between  the  partners. 

On  November  30,  1909,  the  Ledger  of  the  firm  shows  the  follow- 
ing balances : — 


Dr. 

Cr. 

1 

Jameson,  Capital  A/c  (as  on  Jan.  1)    .  . 

3000 

,,         Current  A/c  (drawings  under  clause  2) 

200 

Hicks,  Capital  A/c  (as  on  Jan.  1) 

2000 

,,        Current  A/c  (drawings  under  clause  2) 

180 

Jones  &  Co. 

226 

Barton  &  Co. 

3i9 

Bailey  &  Co. 

157 

Hargreaves  &  Co. 

183 

Purchases 

1126 

Sales 

254° 

Bills  Payable 

170 

Bills   Receivable 

34° 

Cash  at  bank 

325 

Wages  and  Office  Expenses    . 

604 

Stock  (as  on  Jan.  1) 

2730 

Premises 

2000 

^8050 

^8050 

Open  the  Ledger  with  the  above  balances,  and  post  the  following 
transactions  for  the  month  of  December,  1909: — 


Dec. 


Bought  goods  from  Bailey  &  Co.  .  . 

Bank  paid  Bill  Payable  due  to-day 

Jones  &  Co.  accept  our  draft  for 

Sent  goods  of  the  value  of  ^56  for  sale  by  auction 

Paid  Hargreaves  &  Co.  ^176  and  were  allowed  discount  £7 


£ 

57 
100 
200 

56 
183 


CAMBRIDGE   SENIOR  LOCAL 


29 

i 

48 


Dec.     15.     Sold  goods  to  Jones  &  Co.  . . 

„        16.     Received  from  the  auctioneer  for  the  goods  sent  on 
Dec.  10  a  cheque  for  ^68,  being  the  price  at  which  the 

goods  were  sold,  less  his  commission    . .          . .  . .  68 

,,        18.     Paid  wages    .  .          . .          . .          . .          . .          .  .  . .  26 

„        21.     Barton  &  Co.  accept  our  draft  for             . .          . .  .  .  200 

,,        22.     Sold  goods  for  cash             .  .          . .          .  .          . .  . .  47 

„        31.     Paid  wages  and  office  expenses  . .          .  .          . .  . .  37 

„        31.     Jameson  &  Hicks  each  draw  ^20    ..          ..          ..  ..  40 

All  payments  are  made  by  cheques  and  all  amounts  received  are 
paid  into  the  bank  upon  receipt.  Stock  in  hand  on  December  31, 
1909,  is  valued  at  £3200,  Premises  at  £1900. 


(6)         1912. 
(Two  hours.) 

[Handwriting  and  neatness  of  work  will  be  considered  in 
awarding  marks.'] 

Messrs.  King  and  Longsden  are  partners  on  the  following  terms: 

1.  Longsden  receives  a  salary  of  £400  a  year,  payable  half- 
yearly,  for  his  services  as  manager. 

2.  At  the  end  of  each  year  interest  at  the  rate  of  4  per  cent,  per 
annum  is  added  to  the  capital  standing  to  the  credit  of  each  partner 
at  the  beginning  of  the  year. 

3.  The  net  profit  or  loss  at  the  end  of  each  year  is  to  be  shared 
by  the  partners  in  the  ratio  of  their  capital  at  the  beginning  of  the 
year. 

On  30  November,  1910,  their  books  showed  the  following 
balances: — 

£ 

Sundry  Creditors                .  .           .  .           .  .           .  .           . .           . .           . .  1230 

Sundry  Debtors     .  .          . .          . .          .  .          . .          . .          . .          .  .  875 

Rent    .  .                   220 

Salary          . .          . .          . .          . .          .  .          . .          . .          . .          . .  200 

Wages,  etc.             . .          . .          . .          . .          . .          . .          . .          . .  357° 

Purchases                .  .          .  .          . .          . .          . .          . .          . .          . .  1290 

Sales                        5618 

Bank  (account  overdrawn)          . .          . .          . .          . .          . .          . .  27 

Longsden — Current  A/c  (Credit  balance)           .  .          . .          . .          . .  100 

Longsden — Capital  on  1   Jan.   1910      .  .          .  .          . .          . .          . .  2500 

King                    „               „             „         4500 

Stock                   „             „               „         6345 

Bills  Receivable                 . .          . .          . .          . .          . .          . .          . .  1475 


ioi8 
337 

12 

525 
25O 


30  BOOK-KEEPING  NOTES  FOR 

Their  transactions  during  December,  1910,  were  as  follows: — 

i 

Dec.       1.     Sundry  Bills  Receivable  matured  this  day  and  were  paid 

into  Bank  ..  ..  ..  ..  ..  ..  4J7 

„  3.     Sold  Goods  for  Cash  ^437,  and  to  Sundry  Debtors  ^581. 

„  7.     Received  from  Sundry  Debtors,  Cash 

and  allowed  them  discount 
„        15.     Acceptances  granted  to  Sundry  Creditors 
„        27.     Goods  valued  at  ^250  wholly  destroyed  by  fire   . . 

These  were  fully  insured  with  the  Alliance  Assurance 
Company. 
,;        30.     Accepted  from  J.  Allen  (whose  account  is  included  under 
Sundry  Debtors)  a  composition  of  6s.  8d.  in  the  £. 
Received  accordingly  his  cheque  for  .  .  . .  . .  85 

arid  wrote  off  the  remainder  of  his  account  as  a  Bad 

Debt  . .  .  .  . .  .  .  . .  . .  1 70 

„        31.     Longsden  drew  half  of  his  salary  for  the  six  months 

July-Dec.  . .  . .  . .  . .  . .  . .  100 

Paid  Wage5:  ^355,  Rent  for  Dec.  £20  and  Sundry  Creditors 

^400  775 

Received    from   the    Alliance    Insurance    Company   on 

account  of  Goods  destroyed  by  fire  on  27  December. .  250 

All  payments  are  made  by  cheque,  and  all  amounts  received  are 
paid  into  the  bank  upon  receipt.  Stock  in  hand  on  31  December, 
1910,  was  valued  at  £5706. 

(7)         1912. 
(Two  hours.) 
[Handwriting  and  neatness  of  work  will  be  considered  in 
awarding  marks.] 
Messrs.  Hide  and  Tanner  are  partners  in  a  manufacturing  busi- 
ness under  the  following  agreement: — 

1.  At  the  end  of  each  half-year  interest  at  the  rate  of  4  per  cent, 
per  annum  is  to  be  added  to  the  capital  standing  to  the  credit  of  each 
partner  at  the  beginning  of  the  half-year. 

2.  Depreciation  is  to  be  reckoned  at  the  end  of  each  year  at 
the  rate  of  10  per  cent,  on  Plant  and  Machinery  and  5  per  cent,  on 
Premises. 

3.  At  the  end  of  each  year  the  net  profit  or  loss  is  to  be  shared 
equally  by  the  partners. 

On  1  January,  1911,  the  capital  of  the  firm  was  £25,000  of  which 
Hide  held  £10,000  and  Tanner  £15,000.  On  30  June  Hide  increased 
his  capital  by  paying  into  bank  £1000,  while  Tanner  drew  £500. 


CAMBRIDGE   SENIOR   LOCAL 


31 


On  30   November,   1911,   their   Ledger  showed   the   following 
balances : — 


Hide's  Capital  (on  1   July) 

i 

11,200 

Tanner's  Capital  (on  1   July) 

14,800 

Interest  (Jan.-June) 

500 

Wages  and  Trade  Expenses 

3475 

Bills  Payable          

54° 

Premises 

16,000 

Plant  and  Machinery 

55oo 

Stock  of  finished  Goods  and  Materials  on  1  Jan.,  191 1 

.       12,500 

Bank            

325 

Sales             

15,800 

Purchases 

2240 

Sundry  Creditors 

1375 

Sundry  Debtors     .  . 

3175 

15. 

ID. 

iS. 


Their  transactions  during  December,  191 1,  were  as  follows: — 

i 

Dec.       4.     ^Sundry  Debtors  paid  . .  . .  . .  . .  . .  550 

„  6.     Sundry  Bills  Payable  matured,  and  were  paid  by  Bank 

The  rest  were  discounted  with  their  holders,  who  accepted 

in  lieu  of  them 
Bought  Materials,  for  Cash  ^127,  from  Sundry  Creditors 

£««  

Sold  Goods  for  Cash  ^475  to  Sundry  Debtors  ^513 

Sold  by  Auction  for  Cash  Goods  belonging  to  J .  Allen  . . 

and  charged  him  Commission  ^22,  Expenses  of  Sale, 

paid  this  day,  £10 

,,        22.     Despatched  to  Curzon  &  Co.,  Calcutta,  to  be  sold  by  them 

on  Commission,  Goods  taken  out  of  Stock  and  valued 

at 

and  paid  on  account  of  this  Consignment  Insurance, 
Freight,  etc. 
„        23.     Granted  Bills  to  Sundry  Creditors 
„        30.     Paid  Wages  and  Trade  Expenses 

All  payments  are  made  by  cheque,  and  all  amounts  received  are 
paid  into  the  bank  upon  receipt.  Stock  in  hand  on  30  December, 
191 1,  was  valued  at  £1816. 


300 
233 

338 
988 
220 

32 


2390 

70 

1400 

300 


32 


BOOK-KEEPING  NOTES  FOR 


(8)         1914. 
{Two  hours) 

{Journal  paper  is  supplied  and  may  be  used  ;    but  candidates  who 

journalise  will  be  given  no  preference  over  those  who  make  all 

entries  direct  into  the  Ledger.     Handwriting  and  neatness  of  work 

will  be  considered  in  awarding  marks.'] 

Messrs.  John  Ford  and  William  Marston  are  partners  on  the 

following  terms : — 

1.  Marston  receives  a  salary  of  £600  a  year  as  manager.  Ford's 
capital  is  to  be  credited  with  interest  at  the  rate  of  4  per  cent,  per 
annum. 

2.  Ten  per  cent,  per  annum  of  the  Gross  Profits  are  to  be  added 
to  a  Reserve  Fund. 

3.  One-third  of  the  Net  Profit  is  to  be  credited  to  William 
Marston  and  two-thirds  to  John  Ford. 

On  May  30th,  1914,  their  Assets  and  Liabilities  are  as  follows : — i 

i 

Sundry  Creditors       . .  .  .  2490 

Bills  Payable             ..  ..  510 

John  Ford,  Capital  . .  9000 

William  Marston,  Capital  . .  9000 


Cash 

Stock  of  Corn  valued  at 

£ 

4000 
. .      5020 

Bills  Receivable 

480 

Business  Premises     .  . 

9000 

Sundry  Debtors 

2500 

« 

£21,000 

^21,000 


Their  transactions  during  June,  1914,  were  as  follows 


June 


24. 

27. 
30. 

3°- 


Sold  Corn  to  Sundry  Debtors 
Bought  Corn  from  Sundry  Creditors 
Paid  Sundry  Creditors 
Discounted  Sundry  Bills  Receivable: 
Receiving  Cash 

and  being  charged  discount 
Bought  Corn  for  Cash 

Wrote  off  as  Bad  Debt        

Salary  due  to  Marston  (1  month) 

Paid  Wages 

Wrote  off  depreciation  on  Business  Premises 

Stock  of  Corn  on  June  30th,  valued  at 


£ 

740 

450 
340 

309 

5 

130 

200 

50 

120 

50 
5460 


CAMBRIDGE   SENIOR  LOCAL 


33 


(9)         19*7- 
(Two  hours.) 

[Candidates  who  journalise  will  be  given  no  preference  over  those  who 
make  all  entries  direct  into  the  Ledger.  Handwriting  and  neat- 
ness of  work  will  be  considered  in  awarding  marks. ,] 

Messrs.  D.  Lewis  and  J.  Richardson  are  partners  on  the  following 
terms : — 

i  Each  partner  is  to  be  credited  with  interest  at  the  rate  of 
5  per  cent  per  annum. 

2  Net  Profits  are  to  be  divided  as  follows,  viz.  Lewis  two-thirds, 
Richardson  one -third. 

On  May  31,  1917,  the  following  balances  appeared  in  their 
Ledger : — 

i 

D.  Lewis,  Capital 

J.  Richardson,  Capital 

Stock  of  Carpets 

Cash  

Bills  Receivable 

Bills  Payable         

Business  Premises 
Sundry  Debtors 
Sundry  Creditors 


12,000 

4800 

2420 

2740 

865 

824 

10,000 

4240 

2641 


Their  transactions  during  June,  1917,  were  as  follows: — 


June 


9- 

9- 

„        11. 

H- 

25. 

25 

H           30. 

30- 

„           30- 

30 

Sold  carpets  to  Sundry  Creditors 
Bought  carpets  for  Cash 
Discounted  Bill  Receivable: 

Cash 

Discount 
Consigned  carpets  to  Naples 
Paid  charges  on  the  same 
Paid  our  Acceptance 

Bought  carpets  from  Sundry  Debtors    . . 
Received  cheque,  net  proceeds  of  consignment  to 
Sold  carpets  for  Cash 

Wrote  off  Depreciation  on  Business  Premises 
Paid    clerks'    salaries 
Partners'    Interest    (1    month) 
Stock  of  carpets  valued  at 


Naples 


£ 

530 


500 

40 

1200 

50 

430 

1560 

1410 

350 

100 

60 

2142 


34 


BOOK-KEEPING  NOTES   FOR 


(10)         1917. 
(Two  hours.) 

[Candidates  who  journalise  will  be  given  no  preference  over  those  who 
make  all  entries  direct  into  the  Ledger.  Handwriting  and  neatness 
of  work  will  be  considered  in  awarding  marks.'] 

Messrs.  T.  Jones  and  W.  Roberts  are  partners  on  the  following 
terms : — 

1.  Each  partner  is  to  be  credited  with  interest  at  the  rate  of 
5  per  cent,  per  annum. 

2.  Net  Profits  are  to  be  divided  equally. 

On  May  31st,  1917,  the  following  balances  stood  in  the  Ledger: — 

i 
T.  Jones,  Capital 
W.  Roberts,  Capital 
Stock  of  Oil 
Bills  Receivable 


Bills  Payable 
Sundry  Debtors     . 
Sundry  Creditors  . 
Business  Premises 
Cash 


Their  transactions  during  June,  1917,  were  as  follows 


Sold  oil  to  Sundry  Creditors 
Sundry   Debtors   paid   Cash 
Bought  oil  from  Sundry  Debtors 
Discounted  Bill  Receivable 

Cash     .  . 

Discount 
Bought  oil  for  Cash.  . 
Consigned  oil  to  Milan 
Paid  charges  on  the  same 
Received  cheque,  net  proceeds  of  consignment, 
Paid  clerks'  salaries 
Partners'  interest  (1  month) 
Wrote  off  depreciation  on  Business  Premises 
Stock  of  oil  valued  at 


une      2 

5 

9- 

15. 

,,       18. 

23. 

„       25. 

„       30. 

30- 

„       30- 

30. 

„       30. 

3600 
6000 
2000 

476 

340 
768 

1225 
6910 

IOII 


i 

200 

68 

500 

124 

5 
250 

480 
25 

550 
70 

100 
2500 


CAMBRIDGE   SENIOR  LOCAL 


35 


(n)         1921). 

(Two  hours.) 

[Candidates  who  journalise  will  be  given  no  preference  over  those  who 
make  all  entries  direct  into  the  Ledger.  Handwriting  and  neatness 
of  work  will  be  considered  in  awarding  marks.'] 

The  terms  of  partnership  between  Hope  and  Prosper  are  as 
follows  :• — 

1.  At  the  end  of  each  year  the  capital  of  each  partner  is  to  be 
credited  with  interest  at  the  rate  of  6  per  cent,  per  annum. 

2.  At  the  end  of  each  year  10  per  cent,  of  the  value  of  the 
Premises  is  to  be  written  off  for  Depreciation. 

3.  After  these  adjustments  have  been  made,  5  per  cent,  of  the 
net  profits  is  to  be  carried  to  the  Reserve  Fund,  to  which  Bad  Debts 
are  to  be  debited. 

4.  The  remaining  profits  are  to  be  divided  between  the  partners 
proportionately  to  their  respective  Capitals. 

At  the  end  of  November,  1920,  their  Ledger  showed  the  following 
balances : — 

£ 


Hope.  Capital  on  Jan.  1, 

1920 

. 

4000 

Prosper,          ,,              „ 

8000 

Stock  in  hand  on  Jan.  1,  1920    . 

8070 

Purchases 

2496 

Sales 

4824 

Bills  Receivable    .  . 

750 

Bills  Payable 

240 

Sundry  Creditors  .  . 

200 

Reserve  Fund 

300 

Office  Expenses     .  . 

•      '      528 

Salaries   (Clerks) 

360 

Premises 

5400 

Cash   (Bank)   overdraft     . 

40 

36 


BOOK-KEEPING  NOTES   FOR 


Their  transactions  during  December,  1920,  were  as  follows :- 


1920 
Dec. 


4.     Sold  Goods  to  Sundry  Debtors 

8.  Discounted  a  Draft  for  ^300  for    . . 

9.  Drew  on  Sundry  Debtors  for 
Received  their  acceptances 

10.  Sent  consignment  of  Goods  to  Turin 

1 1 .  Paid  charges  on  the  same 

12.  Bought  Goods  from  Sundry  Creditors 

17.     Received  cheque  from  Jones  in  payment  of  an  % 

off  in  1919  as  a  Bad  Debt 
20.     Received  proceeds  of  sale  of  consignment  to  Turin 

Paid  Office  Expenses 

Partners'  Interest 

Depreciation  of  Premises 

Stock  of  Goods  valued  at 

(See  fully  worked  key  pp.  38 — 48). 


written 


£ 

820 
296 

700 

942 

42 

124 

78 

1056 

24 


793; 


(12)        1921. 

(Two  hours.) 

[Candidates  who  journalise  will  be  given  no  preference  over  those  who 
make  all  entries  direct  into  the  Ledger.  Handwriting  and  neatness 
of  work  will  be  considered  in  awarding  marks.'] 

The  terms  of  partnership  between  North  and  West  are  as 
follows : — 

1.  At  the  end  of  each  year  the  capital  of  each  partner  is  to  be 
credited  with  interest  at  6  per  cent,  per  annum  on  the  amount  of 
capital  at  the  beginning  of  the  year. 

2.  At  the  end  of  each  year  10  per  cent,  of  the  value  of  the 
Premises  is  to  be  written  off  for  Depreciation. 

3.  After  these  adjustments  have  been  made  5  per  cent,  of  the 
net  profit^  is  to  be  carried  to  the  Reserve  Fund  to  which  any  Bad 
Debts  are  to  be  debited. 

4.  The  remaining  profits  are  to  be  divided  between  the  partners 
as  follows:  one-third  to  North  and  two-thirds  to  West. 


CAMBRIDGE   SENIOR   LOCAL 


37 


At  the  end  of  November,  1920,  their  Ledger  showed  the  following 
balances : — 

i 

North,  Capital  on  Jan.  1,  1920  . .  .  .  .  .  . .  .  .  8000 

3000 

6500 

8700 

3420 

7842 

413 

45o 

276 

900 

492 

284 

327 


West, 

Business  Premises 

Stock,  Jan.   1,  1920 

Purchases 

Sales 

Cash  (Bank) 

Bills  Receivable 

Bills  Payable 

Reserve  Fund 

Sundry  Debtors 

Sundry  Creditors 

Office  Expenses 


1920 
Dec. 


Their  transactions  during  December,  1920,  were  as  follows: — 

£ 

4.     Sold  Goods  to  Sundry  Debtors     .  .          .  .          .  .          . .  940 

6.     Sundry  Debtors  accepted  my  Drafts  for  . .          . .           .  .  1000 

9.     Wrote  off  an  %  (included  in  Sundry  Debtors)  as  a  Bad 

Debt         .  .          . .          . .          .  .          . .          .  .          . .  125 

13.     Bought  from  Sundry  Creditors       .  .          .  .          . .          . .  849 

17.     Accepted  Drafts  for             .  .          .  .          . .          . .          .  .  700 

20.     Paid  Sundry  Creditors  in  full  settlement  of  %  amounting 

to  ^433                430 

24.     Discounted  Draft  for  ^300  .  .          .  .          .  .          .  .          .  .  298 

31.     Cash  Sales  for  month           ..          ..          ..          ..           ..  453 

31.     Paid  Office  expenses            .  .          .  .           .  .          .  .           .  .  42 

Partners'  Interest  'K 

Depreciation  on  Premises 

Stock  in  hand  valued  at     .  .          .  .          .  .          .  .         ...  7402 


38 


BOOK-KEEPING  NOTES  FOR 


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CAMBRIDGE   SENIOR   LOCAL 


39 


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UNIVERSITY  OF  CAUFORNIA  UBRARY 


